China Development Bank issues 3-year and 10-year bonds totaling 8 billion yuan

The standout signal is demand skewing to the long end: the 10-year tranche priced further below expectations than the 3-year and drew a far higher cover ratio, even at a fraction of the size. That combination points to strong appetite for duration from policy-bank paper, a useful read on where domestic fixed-income conviction sits. The marginal ratio on the 10-year is the detail worth watching, since it hints at how tightly the issue was contested at the cut-off.